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WILLOT During its first year of operations, the McCollum Corporation entered into the following transactions relating to shareholders' equity The corporation was authorized to issue 110 million common shares, $1 par per share Required: Prepare the appropriate journal entries to record each transaction Jan. 9 Issued be million common shares for $25 per share. Mar. 11 issued 4,900 shares in exchange for custom-made equipment. McCollum's shares have traded recently on the stock exchange $25 per share. Part B A new staff accountant for the McCollum Corporation recorded the following journal entries during the second year of operations McCollum retires shares that it reacquires (restores their status to that of authorized but unissued shares) (5 in millions) General Journal Sept. 1 Common stock Retained earnings Cash Credit Date Debit 4 116 120 62 Dec. 1 Cash Common stock Gain on sale of previously issued shares be Required: Prepare the journal entries that should have been recorded for each of the transactions